Dynamic price axes in featured user interfaces

ABSTRACT

A user interface for use with an electronic trading system includes a display that shows a bid price axis and an ask price axis, as well as corresponding sizes, and a visual indicator of the inside market. When the inside market changes in response to changing market conditions, the display of the inside market clearly shows a spatial movement of the inside market as well as the representative price(s) associated therewith, thereby rendering the two price axis dynamic axis. The user interface is easy to use, intuitive as well as customizable, and contains features that facilitate efficient electronic trading and shows trading activity pertaining to the user as well as the market in general.

BACKGROUND

This application is a continuation of U.S. patent application Ser. No.13/969,580 filed Aug. 18, 2013 which is a continuation of U.S. Ser. No.11/569,837 filed Nov. 30, 2006, now issued as U.S. Pat. No. 8,515,854,which is a § 371 national stage of International Application No.PCT/US05/27174, filed Jul. 29, 2005; which is a non-provisional of U.S.Provisional App. Ser. No. 60/592,415, filed Jul. 29, 2004; and U.S.Provisional App. Ser. No. 60/629,696, filed Nov. 19, 2004. Each of theseapplications is hereby incorporated by reference.

This invention relates to electronic trading systems. More particularly,this invention relates to user interfaces and methods for use withelectronic trading systems.

Much trading today involves some computer support, from simpleinformation delivery to sophisticated trading systems that automatetransactions of goods and services. Electronic trading systems andmethods have gained widespread acceptance for trading of a wide varietyof items ranging from financial instruments (such as stocks, bonds,currency, futures, options, etc.) to household goods (such as oldrecords, antiques, wines, etc.). As electronic trading becomes morepopular, an increasing number of traders are in need of new systems andmethods to enter trade commands in a quick, efficient, and accuratemanner. In one method of electronic trading, bids and asks are submittedby traders to a trading system, those bids and asks are then displayedby the trading system to other traders, and the other traders may thenrespond to the bids and asks by submitting sell (or hit) or buy (ortake) commands to the system.

Some implementations of such systems and methods of electronic tradingshow a bid column, an ask column and a single price axis. Bid and askquantities are associated with their respective prices which aredisplayed in standard increments. While straightforward, this approachfails to unambiguously convey the inside market to a user, especiallywhen a trading interface displays static price axes. This is because theuser's attention is drawn to changes in quantity rather than changes inprice. Moreover, this approach fails to show trade activity that wasoccurring in real-time.

Furthermore, market conditions change quickly as trades are executed ata fast pace. Price positions may therefore change rapidly and sometimesalmost simultaneously. Users of such systems therefore face the risk ofentering trade commands at erroneous price levels by, for example, usinga pointer to select a price that may have changed by the time thecommand is registered by the system. Such erroneous entries can lead tohighly undesirable results in a rapidly changing market. Many such usersare traders that track more than one active market by typically lookingat multiple windows, interfaces or screens simultaneously, therebyincreasing the likelihood that such erroneous entries occur.

Therefore, it would be desirable to provide systems and methods thatclearly represent price fluctuations while ensuring quick, accurate andefficient execution of trades.

It would also be desirable to provide a user interface for electronictrading that is intuitive whereby the inside market is represented tothe user by a dynamic display of the bid/ask prices and their associatedquantities.

It would also be desirable to adjust the display of the bid/ask pricesand their associated quantities while maintaining accurate andaccessible axes for order entry at desired price levels.

It would also be desirable to provide users with an opportunity tocustomize the user interface according to their trading preferences.

It would also be desirable to enable users to manipulate the userinterface using any suitable input device.

It would also be desirable to display trade activity occurring inreal-time.

It would also be desirable to display trade orders that have not yetbeen accepted or rejected in real-time.

SUMMARY

Therefore, it is an object of the invention to provide systems andmethods that clearly represent price fluctuations while ensuring quick,accurate and efficient execution of trades.

It is another object of the invention to provide a user interface forelectronic trading that is intuitive whereby the inside market isrepresented to the user by a dynamic display of the bid/ask prices andtheir associated quantities.

It is yet another object of the invention to adjust the display of thebid/ask prices and their associated quantities while maintainingaccurate and accessible axes for order entry at desired price levels.

It is yet another object of the invention to provide users with anopportunity to customize the user interface according to their tradingpreferences.

It is yet another object of the invention to enable users to manipulatethe user interface using any suitable input device.

It is yet another object of the invention to display trade activityoccurring in real-time alongside corresponding axes.

It is yet another object of the invention to display trade orders thathave not yet been accepted or rejected in real-time alongsidecorresponding axes.

These and other objects are accomplished in accordance with theprinciples of the invention by providing systems and methods fordisplaying market information for, and allowing for electronic tradingin, items through a user interface. More specifically, some embodimentsof the invention provide an interface for use with an electronic tradingsystem that includes a dynamic display of prices. The interface providesa display of bid prices and ask prices, preferably along different axes.The interface may provide at least one axis for displaying sizeinformation. In some embodiments of the invention, the interfaceprovides a bid size axis and an ask size axis. The interface alsoprovides an indication of the inside market—i.e., the best (highest) bidand best (lowest) ask prices for which size exists—which may be centeredwithin the interface. When the inside market changes in response tochanging market conditions, at least one of the prices changes locationsbetween the bid price axis and the ask price axis. The prices, as wellas different sizes—such as the size of in-transit orders, the size ofcompleted trades, the user's share of the total size—may be displayed indifferent ways. The user may use an input device to enter bid, ask, buyand sell orders and modify them before submission. Order entry regionsmay be displayed to the user to facilitate order submission.

In general, in a first aspect, the invention features a method fordisplaying market information for an item being traded in an electronictrading system. A user interface is displayed on a workstation in theelectronic trading system. A plurality of bid prices are displayedassociated with the item in a first region within the user interface. Aplurality of ask prices are displayed associated with the item in asecond region within the user interface. An indication of an insidemarket is displayed associated with the item such that, when the insidemarket changes, at least one of the plurality of prices displayedchanges locations between the first and the second regions within theuser interface.

In a second aspect, the invention features a method for displayingmarket information for an item being traded in an electronic tradingsystem. A user interface is displayed on a workstation in the electronictrading system. A plurality of bid prices are displayed associated withthe item along a first axis within the user interface. A plurality ofask prices are displayed associated with the item along a second axiswithin the user interface. A change of location between the first andthe second axes in one of the plurality of prices is displayed inresponse to a change in an inside market associated with the item.

In a third aspect, the invention features an electronic trading systemfor displaying market information for an item, the system comprising aserver adapted to distribute a plurality of bid and ask pricesassociated with the item to a plurality of workstations that are coupledto the server. The plurality of workstations are adapted to: (a) displaya user interface; (b) display the plurality of bid prices associatedwith the item in a first region within the user interface; (c) displaythe plurality of ask prices associated with the item in a second regionwithin the user interface; and (d) display an indication of an insidemarket associated with the item such that, when the inside marketchanges, at least one of the plurality of prices displayed changeslocations between the first and the second regions within the userinterface.

Embodiments of the invention may include one or more of the followingfeatures. The displayed indication of the inside market may changelocations within the user interface when the inside market changes. Anindication may be displayed of the change of locations of the at leastone of the plurality of prices displayed. Only a portion of a priceassociated with a particular group of displayed prices may be displayed.Only a price at which a pending order for the item exists may bedisplayed. A particular price at which a pending order for the itemexists may be displayed in a way that differs from how prices at whichno pending orders for the item exist are displayed. The particular pricemay use a method selected from the group consisting of displaying theparticular price in a reduced-size fashion, collapsed fashion andcropped fashion. A volume-weighted average price for a particular groupof prices that are not displayed may be calculated and displayed. Aprice that is selected from a particular group of prices that are notdisplayed may be displayed. An indication of a completed trade may bedisplayed to the user. At least one order entry region for receiving aninput from a user may be displayed. The user input may include aselection of at least one of the plurality of prices displayed in thefirst and second regions. The at least one order entry region may beadapted to allow the user to trade a size corresponding to a size neededto balance the user's net volume position with respect to the item. Theuser input may include a command relating to a particular size of theitem at a particular price. At least one order entry region may beadapted to allow the user to modify the particular price. At least oneorder entry region may be adapted to allow the user to modify theparticular size. At least one order entry region may be adapted to allowthe user to modify a type of order the user chooses to enter. Thecommand may include an order selected from the group consisting of abid, an ask, a buy and a sell. At least one order entry region mayinclude at least one interface selected from the group consisting of adisplay window, a dialog box, a popup menu, a toolbar, a pane and acommand line interface. Input received from the user may include aninput received through an input device selected from the groupconsisting of a mouse, a trackball, a game controller, a touch pad and akeyboard. The plurality of ask prices may be displayed along a firstaxis and wherein the plurality of bid prices are displayed along asecond axis. A plurality of sizes may be displayed along a third axisthat is aligned with the first axis wherein at least one of theplurality of sizes displayed corresponds to at least one order for theitem at a price displayed in a location along the first axis that isaligned with a location of the displayed size along the second axis. Atleast one of the plurality of sizes may correspond to an in-transitorder for the item. At least one of the plurality of sizes maycorrespond to a total size of completed trades on the item. At least oneof the plurality of sizes may correspond to a user's share of the atleast one order for the item. The plurality of sizes may comprise afirst plurality of sizes, each one of which comprises at least one orderto buy the item. The third axis may be further aligned with the secondaxis and the plurality of sizes may comprise a second plurality ofsizes, each one of which comprises at least one order to sell the item.A second plurality of sizes may be displayed along a fourth axis that isaligned with the second axis wherein at least one of the plurality ofsizes displayed corresponds to at least one order to sell the item at aprice displayed in a location along the second axis that is aligned witha location of the displayed size along the fourth axis. A selection ofat least one of the plurality of prices and sizes displayed may bereceived. The selection may comprise an order to buy or sell the item atthe selected price or size. The user interface may be adapted to allowthe user to modify the selected price. The user interface may be adaptedto allow the user to modify the selected size. One of the plurality ofsizes that corresponds to one of the plurality of prices may bedisplayed in a way that is similar to how the one of the plurality ofprices is displayed. The plurality of sizes may comprise a firstplurality of sizes. A second plurality of sizes may be displayed alignedwith the first plurality of sizes. At least one of the second pluralityof sizes may correspond to an in-transit order for the item. At leastone of the second plurality of sizes may correspond to a total size ofcompleted trades on the item. At least one of the second plurality ofsizes may correspond to a user's share of the at least one order for theitem. The displayed indication of the inside market may be centeredwithin the user interface. The centering the displayed indication of theinside market within the user interface may be performed in response toa particular user input. The centering the displayed indication of theinside market within the user interface may be performed periodically.The centering of the displayed indication of the inside market withinthe user interface may be performed in response to at least one changein the inside market.

DESCRIPTION OF THE DRAWINGS

The above and other objects and advantages of the invention will beapparent upon consideration of the following detailed description, takenin conjunction with the accompanying drawings, in which like referencecharacters refer to like parts throughout, and in which:

FIG. 1 is a block diagram of an exemplary system.

FIGS. 2A-2B are illustrations of exemplary interactive displays that maybe displayed to users.

FIGS. 3A-3C are illustrations of alternative embodiments of exemplaryinteractive displays that may be displayed to users.

FIG. 4 is an illustration of another alternative embodiment of anexemplary interactive display that may be displayed to users.

FIGS. 5A-5B are illustrations of yet other alternative embodiments ofexemplary interactive displays that may be displayed to users.

FIGS. 6A-6D are illustrations of yet other alternative embodiments ofexemplary interactive displays that may be displayed to users.

FIG. 7A is an illustration of exemplary display windows and yet anotheralternative embodiment of an exemplary interactive display that may bedisplayed to users.

FIG. 7B is an illustration of an alternative embodiment of an exemplarydisplay window that may be displayed to users in accordance with certainembodiments of the present invention;

FIG. 8A is an illustration of yet another alternative embodiment of anexemplary interactive display that may be displayed to users.

FIG. 8B is an illustration of yet other alternative embodiments of anexemplary display window and an exemplary interactive display that maybe displayed to users.

FIG. 8C is an illustration of yet another alternative embodiment of anexemplary display window that may be displayed to users.

FIG. 9 is an illustration of yet other alternative embodiments of anexemplary display window and an exemplary interactive display that maybe displayed to users.

FIGS. 10A-10B are illustrations of yet other alternative embodiments ofexemplary display windows that may be displayed to users.

FIGS. 11A-11C are illustrations of yet other alternative embodiments ofexemplary interactive displays and an exemplary display window that maybe displayed to users.

FIGS. 12A-12B are illustrations of yet other alternative embodiments ofexemplary interactive displays that may be displayed to users.

FIGS. 12C-12D are illustrations of alternative embodiments of exemplarycells of interactive displays that may be displayed to users.

FIG. 13 is an illustration of yet another alternative embodiment of anexemplary interactive display that may be displayed to users.

DESCRIPTION

The invention is directed to systems and methods that provide a tradinginterface that displays market information showing greater levels ofmovement and trade activity than prior art systems and methods, and thathave added functionality, are easier to use and more intuitive comparedto prior art systems and methods. The invention is also directed to userinput devices for receiving user input. More particularly, the inventionrelates to customizable interfaces and input devices havingarrangements, labels, colorization, programmed functionalities, and thelike, that allows any user—e.g., a broker, a trader or any other marketparticipant—to view market activity such as bids and asks or offersplaced on particular items, and enter, execute and view tradesintuitively, quickly and accurately. A bid may include a bid price—i.e.,a dollar amount proposed to buy an issue or item—and a bid size—i.e.,the volume of the particular bid. Similarly, an ask or offer may includean ask or offer price—i.e., a dollar amount proposed to sell an issue oritem—and an ask or offer size—i.e., the volume of the particular ask oroffer.

Further details of the invention are described below in relation toFIGS. 1-13.

Referring to FIG. 1, exemplary system 100 for implementing the inventionis shown. As illustrated, system 100 may include one or moreworkstations 110. Workstations 110 may be local or remote, and areconnected by one or more communications links 102 to computer network103 that is linked via communications link 105 to server 120. Server 120may be linked to back office clearing center 130 via communications link107.

Server 120 may be any suitable server, processor, computer, dataprocessing device, or combination of the same. Server 120 may be used toimplement the governing logic that processes and executes orders andtrades, and distributes trade and market information, including priceand size information, to workstations 110. Computer network 103preferably includes the Internet but may consist of any suitablecomputer network such as an intranet, a wide-area network (WAN), alocal-area network (LAN), a wireless network, a digital subscriber line(DSL) network, a frame relay network, an asynchronous transfer mode(ATM) network, a virtual private network (VPN), or any combination ofthe same. Communications links 102 and 105 may be any communicationslinks suitable for communicating data between workstations 110 andserver 120, such as network links, dial-up links, wireless links,hard-wired links, etc.

Workstations 110 may be personal computers, laptop computers, mainframecomputers, dumb terminals, data displays, Internet browsers, PersonalDigital Assistants (PDAs), two-way pagers, wireless terminals, portabletelephones, etc., or any combination of the same. Workstations 110 maybe used by participants to enter bid, ask, buy and sell orders for theitems being traded and view market activity corresponding to theseitems.

A typical workstation 110 may include processor 111, display 112, inputdevice 113, and memory 114, which may be interconnected. In a preferredembodiment, memory 114 includes a storage device for storing aworkstation program for controlling processor 111. Memory 114 may alsostore user configuration files, as described below, and other data onthe storage device. The workstation program may include a tradingapplication for running the trading interfaces shown in FIGS. 2-13 anddisplayed on display 112. Input device 113 may be used in conjunctionwith display 112 by users to enter bids/asks on desired items and toexecute and monitor trades. Processor 111 may use the workstationprogram to receive trade information relating to the items being tradedby multiple users of system 100, or other users, and display suchinformation on display 112 or communicate such information to display112.

Server 120 may include processor 121, display 122, input device 123, andmemory 124, which may be interconnected. In a preferred embodiment,memory 124 includes a storage device for storing a server program thatprovides the governing logic for controlling processor 121. Memory 124may also store firm-wide configuration files, as described below, andother data on the storage device. Processor 121 may use the serverprogram to process orders and execute trades communicated from variousworkstations that are operated by multiple users of system 100, or otherusers, and communicate trade information, as well as bid and askinformation, to workstations 110 and back office clearing center 130.More specifically, processor 121 may use the server program to processorders placed by users in response to users entering commands usinginput device(s) 113, and execute trades based on such orders, wheneverapplicable.

Back office clearing center 130 may be any suitable equipment, such as acomputer, a laptop computer, a mainframe computer, etc., or anycombination of the same, for causing trades to be settled and/orverifying that trades are settled. Communications link 107 may be anycommunications links suitable for communicating data between server 120and back office clearing center 130, such as network links, dial-uplinks, wireless links, hard-wired links, etc.

FIGS. 2-13 illustrate user interfaces that may be implemented by anddisplayed on system 100 of FIG. 1, in accordance with the principles ofthe invention. For example, FIGS. 2-13 illustrate interactive displaysand portions thereof that may be shown on display 112 and manipulatedusing input device 113.

FIG. 2A shows an interactive display 200 according to the invention thatmay be associated with electronic trading of financial instruments, suchas interest-rate-related instruments, derivates thereof, or any otherinstruments and/or items. FIG. 2A shows interactive display 200 of amarket at a particular time. While FIG. 2A shows multiple vertical axesor columns, it should be noted that the scope of the invention includesaxes in horizontal directions, any other suitable axes or any othersuitable display regions. Interactive display 200 preferably includes abid size column 210 on a first axis, an ask size column 220 on a secondaxis, a bid price column 230 on a third axis and an ask price column 240on a fourth axis. Bid price column 230 and bid size column 210 representthe bid side of interface 200 while ask price column 240 and ask sizecolumn 220 represent the ask side of interface 200. Bid size column 210preferably displays the size of bids available at the correspondingprice shown in bid price column 230, while ask size column 220preferably displays the size of asks available at the correspondingprice shown in the ask price column 240. A visual indicator may be usedto accentuate the difference between columns associated with bids andasks. For example, bid size column 210 and/or bid price column 230 maybe colored differently than ask size column 220 and/or ask price column240.

An indication of the inside market is shown by the boxed area at 270.The inside market may include bid size 10, available at best bid price127.00, and ask size 100, available at best ask price 127.25. Boxed area270 preferably displays the inside market on interactive display 200,thereby emphasizing the best bid and best ask. Area 270 may behighlighted or its edges colored. While area 270 is indicated by a box,the indication may be provided using a reverse highlighting of theinside market or other suitable visual indicator or method, such asdisplaying the best prices and corresponding sizes in an underlined,italicized and/or bold fashion and/or using a unique or different fontor font size.

Bid/ask price columns 230 and 240 may display prices according to fixedincrements. For example, the prices in interactive display 200 are shownin 0.25 increments. Alternatively, in some embodiments of the invention,the price increments that are displayed may be specified by the user.For example, a user may specify that the prices other than the best bidand offer prices in interactive display 200 be shown in 0.50 incrementsinstead. In such a situation, rows containing best price levels 127.00and 127.25 may be displayed whereas rows containing price levels 127.75,128.25, 126.75, 126.25, etc. may not be displayed, thereby providingmore display space for displaying a wider range of price levels. Inmarkets that allow users to trade at price levels corresponding tonon-standard price increments, all price levels having correspondingsizes being bid or asked may be displayed subject to the user'spreferences, as discussed below. See, e.g., FIGS. 5A and 5B as well ascorresponding descriptions.

Other embodiments of the invention that allow for more display space areshown in FIGS. 4, 12D and 13. Referring to FIG. 4, interactive display400 may crop prices by displaying price handles when necessary todistinguish a change in the handle. The handle refers to the numericalcharacter to the left of a decimal point. For example, rows 412 through418 do not display the price handle 101 for the price levels in askprice column 440 falling between price 101.18 in row 411 and price102.22 in row 419. The same is similarly true for the price levelsdisplayed in bid price column 430. It can be deduced that the handle ateach price level in these columns is 101 in this case, with theexception of the ask price in row 419. The ask price in row 419 showshandle 102 to illustrate that the price level in row 419 is not asequential price change from the price level in row 418.

The handle may also appear in the cell within the ask price column thatcorresponds to a sequential price increase from a price level at thehighest possible increment for that level to the next price level.Similarly, the handle may also appear in the cell within the bid pricecolumn that corresponds to a sequential price decrease from a pricelevel at the lowest possible increment for that level to the previousprice level. At least one price handle should be displayed in a priceaxis to provide a frame of reference.

Interactive display 400 may also display price handles in a rowcontaining a bid that is being hit—i.e., accepted. Interactive display400 may also or alternatively display price handles in a row containingan ask that is being taken—i.e., accepted—e.g., row 411. Interactivedisplay 400 may also or alternatively display price handles in a rowcontaining a locked market—i.e., one where the best bid price is equalto the best ask price—e.g., row 410—or in any other row for anyappropriate reason. In alternative embodiments of the invention, pricehandles may be displayed using a font of size smaller than the one usedto display the number that lies to the right of the decimal point incertain rows, or in all rows, as shown in, for example, FIGS. 12C and12D.

Accordingly, not only do these embodiments that include selectively ordifferently displaying the price handle make it easier for a userviewing the display to distinguish price changes, they also provideadditional display space for displaying other useful information, suchas price levels at non-standard price increments, as shown in FIG. 5B,and the user's share of the size, as shown in FIGS. 12A-12D.

A user may customize the display such that selected rows surrounding theinside market display price levels that are separated by the smallestpossible price increments. In this situation, price levels at allavailable increments may be displayed in the selected cells. Similarly,a user may customize the display such that cells displaying lessfavorable prices display price levels that are separated by larger priceincrements. Alternatively, the user may specify that cells displayingprices in particular ranges be associated with, and therefore display,certain price increments.

The system or user may define a window specifying a number of rows, or arange of prices, above and/or below the best bid/ask in which all pricelevels are displayed. In this situation, price levels at all available,or user-specified, increments may be displayed in that window,regardless of whether a pending bid or ask at a given price levelexists. A row containing a price level at which no size is bid nor askedmay display a zero, a “—” symbol or may not display anything atall—i.e., not displaying any number, character or symbol “—” in thecorresponding cell in the bid and ask size columns, the bid and askprice columns, or both. The rows below and above the user-defined windowmay only display prices at which corresponding bid and ask sizes exist.

Instead of not being displayed at all, rows containing price levels thatdo not correspond to an increment desired by a user and/or rowscontaining price levels at which no size is bid nor asked mayalternatively be displayed in another fashion. For example, FIG. 5Ashows interactive display 500 in which row 510, which shows a size of 10bid at price 101.172 corresponding to a non-standard price increment, isdisplayed in a reduced-size fashion and may or may not be displayed outof vertical alignment with bid prices in the same column. Likewise, row530 of interactive display 500 shows a size of 2 asked at price 101.182corresponding to a non-standard price increment displayed in areduced-size fashion. In another example, FIG. 5B shows interactivedisplay 501 in which a row falling between rows 510 and 520 is displayedin single cell 515, which shows a size of 4 bid at price 101.166,corresponding to a non-standard price increment. The interactivedisplays of FIGS. 5A and 5B may therefore be used to indicate to usersthe existence of price levels corresponding to non-standard priceincrements. In other embodiments of the invention, such rows may bedisplayed in a contracted or collapsed fashion, similar to the rows thatcan be seen in the figures corresponding to the following description.

As shown in FIGS. 6A-6D, rows displayed in the interactive display mayhave variable dimensions, such as heights and widths. FIGS. 6A-6D showinteractive displays 600, 601, 602 and 603 which may include rows thatare collapsed, such as rows 610, 620, 630 and 640. These rows may bedenoted by visual indicators which may be clicked using a pointingdevice such as a mouse, or any other input device, in order to expandthem—i.e., such that they may be displayed in the same manner the otherrows are displayed. The visual indicator may include up/down arrows, maybe a “+” symbol—e.g., indicators 611, 621, 631 and 641—or may be anyother appropriate indicator. Each expanded row may be collapsed byclicking on a particular portion, such as the side or edge of the row,or any other appropriate portion of the row that, for example, does notinclude a numerical value, or through any other appropriate action.

Interactive displays 600, 601, 602 and 603 may be customized to displaycertain rows in an expanded fashion while displaying others in acollapsed fashion. For example, rows containing prices that do notcorrespond to an increment desired by the user and/or rows containingprices at which no size is bid nor asked may be collapsed bydefault—i.e., when the user launches the interactive display.Alternatively, the user may customize the display to show expanded rowsclose to the ones showing the inside market, while showing collapsedrows above and below the inside market. For example, when the userdefines, or the system sets by default, a window specifying a number ofrows, or a range of prices, above and below the best bid/ask in whichall prices are displayed, collapsed rows may be displayed outside thatwindow. In this example, collapsed rows 610 and 640, when expanded, maybe used to display a volume-weighted average price for all remainingprices outside the user-defined window. Alternatively, in someembodiments of the invention, collapsed rows 610 and 640, when expanded,may be used to display the next available price at which some size isbid and asked, the worst price at which the user may trade all remainingavailable size or any other price outside the user-defined window. Therows within the range may be collapsed by clicking on them. Whencollapsed, such rows may be expanded by clicking on them or on any othersuitable portion displaying information related to the instrument beingtraded, such as a window displaying a chart that shows prices at whichthe instrument is trading.

In some embodiments of the invention, multiple collapsed rows may beused to denote that a particular range of prices exist betweennonconsecutive price levels. These rows may be displayed in a collapsedfashion by default—i.e., when the user launches the interactivedisplay—because no size exists as a bid or ask in the particular pricerange, because the particular price range is significantly removed fromthe inside market, because the particular price range is outside theuser-defined window, for any combination of these reasons, or for anyother appropriate reason.

In some embodiments of the invention, no more than two collapsed rowsthat are adjacent to each other may be displayed at the same time in aninteractive display, regardless of how many price levels may exist. Forexample, FIGS. 6A-6D show two collapsed rows between prices 101.13+ and101.15+ that may be expanded. These collapsed rows indicate theexistence of at least two price levels between 101.13+ and 101.15+. Onceexpanded, the top collapsed row may display the next price incrementbelow the currently expanded price level. Similarly, once expanded, thebottom collapsed row may display the next price increment above thecurrently expanded price level. Clicking indicator 621 expands row 620of FIG. 6A into row 625 of FIG. 6B, thereby displaying price 101.15below price 101.15+. After row 620 is expanded, two collapsed rows 630and 650 are displayed between prices 101.13+ and 101.15 because morethan one price level remains undisplayed. Similarly, clicking indicator631 expands row 630 of FIGS. 6A and 6B into row 635 of FIG. 6C, therebydisplaying price 101.14 above price 101.13+. After rows 620 and 630 areexpanded, one collapsed row 650 is displayed between prices 101.15 and101.14 because a single price level remains undisplayed. Clickingindicator 651 expands row 650 of FIGS. 6B and 6C into row 655 of FIG.6D, thereby displaying price 101.14+ between prices 101.14 and 101.15.When rows 620, 630 and 650 are expanded, no collapsed row is displayedbecause all price levels will have been expanded.

In other embodiments of the invention, a single collapsed row may beused to denote the existence of a particular range of prices betweennonconsecutive price levels. Depending on what portion of the row isclicked, an expanded row showing the next price increment may bedisplayed either below or above the nearest row already displaying anavailable price. A single collapsed row may remain displayed betweennonconsecutive price levels until all price levels are displayed.Alternatively, in some embodiments of the invention, any number ofcollapsed rows may be displayed, including a number corresponding to thenumber of undisplayed price levels, to denote the existence of aparticular range of price levels between nonconsecutive price levels.

In some embodiments of the invention, interactive display 200 preferablyshows a change in the inside market as follows. When an ask for aparticular price is matched—e.g., the 100 asked at 127.25 are bought,and an additional size—e.g., 50—is bid at 127.25, then the followingchanges to the display are implemented: Cell 250 is temporarilypopulated with the size that is bought—i.e., 100—while an indicatordisplaying the word TAK is temporarily displayed (see, e.g., FIG. 4, row411). Cell 250 is then populated with the new best bid price—i.e.,127.25—while cell 245 is populated with the new best bid size—i.e.,50—and cells 255 and 260 are preferably depopulated. The indicatordisplaying the word TAK may be a blinking indicator, an indicator ofvarying degrees of intensity or any other appropriate visual indicator.

Interactive display 201 of FIG. 2B shows the market of FIG. 2A at alater time, particularly illustrating the net effect on changes in thedisplay of the inside market in response to the exemplary change inmarket conditions enumerated above. Interactive display 201 shows cell245 populated with a size of 50, cell 250 populated with a price of127.25, and cells 255 and 260 depopulated. It should be noted that oneof the unpopulated cells in bid price column 230 has been populatedwhile one of the populated cells in ask price column 240 has beendepopulated. It should also be noted that the price previously displayedas the best bid—i.e., 127.25—has changed positions from cell 260 to cell250 in response to changing market conditions. Accordingly, a portion ofthe inside market has migrated from one column to another. An indicationof the change of locations of the portion of the inside market may bedisplayed. For example, the interactive display may illustrate themovement of the price 127.25 from being the best ask price in cell 260to becoming the best bid price in cell 250. Moreover, when the best bidand/or best ask prices change, the graphic display of the inside marketalso changes to clearly show spatial movement—i.e., a location change onthe display—of the size(s) of the inside market as well as therepresentative price(s) associated therewith.

Thus, in the example discussed above, both bid price column 230 and askprice column 240 have changed whereby the sizes of the inside market andtheir positions in the display, as well as the representative pricesassociated therewith have changed in response to changing marketconditions. Both price columns 230 and 240 are therefore dynamic in thatboth may change based on changing market conditions. More specifically,both price columns 230 and 240 change based on a change in the insidemarket. The changes in the price columns may be characterized by achange in the location of a displayed price from one column to theother. The changes may also be characterized by a decrease in the numberof populated cells that are displayed in one column and a correspondingincrease in the number of populated cells that are displayed in theother column. Moreover, the position on the display, may also changebased on such changes in market conditions.

Thus, it can be seen that, unlike other systems that use a common staticprice axis, some embodiments of the current systems use dual dynamicprice axes.

Referring back to FIG. 2A, when a bid for a particular price ismatched—e.g., the 10 bid at 127.00 are sold, and an additionalsize—e.g., 5—is asked at 127.00—then the following changes to thedisplay are implemented: Cell 290 is temporarily populated with the sizethat is bought—i.e., 10—while an indicator displaying the word HIT istemporarily displayed (see, e.g., FIG. 3B, cell 390). Cell 290 is thenpopulated with the new best ask price—i.e., 127.00—while cell 285 ispopulated with the new best ask size—i.e., 5—and cells 275 and 280 arepreferably depopulated. The indicator displaying the word HIT may be ablinking indicator, an indicator of varying degrees of intensity or anyother appropriate visual indicator.

If, on the other hand, a bid for a particular price is not entirelymatched—e.g., 8 of 10 bid at 127.00 are sold—then the following changesto the display would be implemented: Cell 290 is temporarily populatedwith the size that is bought—i.e., 8—while an indicator displaying theword HIT is temporarily displayed. The bid size in cell 275 is adjustedto display the remaining size that was not hit—i.e., 2. The indicatordisplaying the word HIT may be a blinking indicator, an indicator ofvarying degrees of intensity or any other appropriate visual indicator.

Similarly, if an ask for a particular price is not entirelymatched—e.g., 50 of 100 asked at 127.25 are bought—then the followingchanges to the display would be implemented: Cell 250 is temporarilypopulated with the size that is bought—i.e., 50—while an indicatordisplaying the word TAK is temporarily displayed. The ask size in cell255 is adjusted to display the remaining size that was not taken—i.e.,50. The indicator displaying the word TAK may be a blinking indicator,an indicator of varying degrees of intensity or any other appropriatevisual indicator

The foregoing discusses trading systems implementing tradingapplications that display different embodiments of an interface thatshows entered orders and completed trades to users of the tradingsystem. The size of all orders may be displayed and adjusted inreal-time in response to marketplace activity. In other embodiments ofthe invention, the trading application may also allow users submittingtrade orders, or alternatively all users, to see the orders that weresubmitted before they are accepted (or rejected) by the system. For thepurposes of this invention, such orders may include bid and ask ordersas well as orders to cancel such bids and asks, and may be referred toas in-transit orders.

In such embodiments, each size column may display at least two numbers:one denoting the size that was already accepted by the system, and onedenoting the size of the in-transit order entered by a user or aplurality of users. Moreover, the size of an in-transit order may bedisplayed such that it is broken down according to which user enteredthe order, when or how the order was entered, or according to anyappropriate classification. Alternatively, in some embodiments of theinvention, the at least two numbers may be combined and a visualindicator may be used to indicate that the total size that is displayedincludes a size corresponding to an in-transit order. For example, atotal size that includes an order that is yet to be accepted may becolor-coded differently from one illustrating a size that has beenentirely accepted. In some embodiments, the constituent elements of thenumber illustrating the total size may be displayed when a user takes acertain action, such as moving the mouse pointer over a cell displayingthe total size.

Typically, in conventional trading systems, users enter their respectivecommands by typing the price and size in particular fields on aninteractive display. Interactive trading according to the invention maybe implemented as follows. If a user desired to hit the market shown incells 275 and 280 of FIG. 2A, then the user could use input device 113of FIG. 1 to enter an order by clicking on unpopulated cell 290 or 285in display 112 of FIG. 1—i.e., the corresponding unpopulated cells inthe same row on the ask side of the interface. Alternatively, if theuser desired to take the market shown in cells 255 and 260, then theuser could click on unpopulated cell 250 or 245—i.e., the correspondingunpopulated bid cells in the same row on the bid side of the interface.Similarly, a user may place bid and ask orders by clicking on thecorresponding bid or ask cell displaying the price at which the user maywant to place the bid/ask. The user may set a default size that he orshe may subsequently alter using any appropriate method, such that eachtime the user enters an order at a selected price, the order is enteredfor the default size unless the user changes it.

Alternatively, if a user is utilizing a mouse having two buttons—e.g., aleft click button and a right click button—the user may use one of thebuttons to enter an order for a default size or use the other button toenter another size—e.g., a different default size—or choose a size,price, order type, or any combination of the same from a display window,dialog box, popup menu, toolbar, pane, command line or any othersuitable trading interface. Moreover, if the user is utilizing a mousehaving scrolling capabilities, such as a wheel, the user may increase ordecrease the default size by desired increments using the mouse wheel.In some embodiments of the invention, whether the user clicks on a cellin a bid column or an ask column may determine whether the user isbidding, asking, buying or selling. In alternative embodiments of theinvention, a right click may be associated with an order to hit (sell)or ask (place an order to sell) whereas a left click may be associatedwith an order to take (buy) or bid (place an order to buy), and viceversa. Input device 113 of FIG. 1 may be a mouse, a trackball, a gamecontroller, a touch pad, a keyboard, any combination of the same or anysuitable input device(s) that the user may use to enter orders.

The unpopulated cells in the bid price, bid size, ask price and/or asksize columns may alternatively be used to implement and display asuitable order of any type at the corresponding price displayed on thesame row in which the cell is located. Examples of suitable ordersinclude a hit/take all order, a stop order and/or a market if touchedorder.

For example, if a user desired to hit the entire market that isavailable at a price of 126.25 as displayed in FIG. 2A, the user couldclick on unpopulated cell 212 in the ask price column corresponding tothe bid price displayed in column 230. In this situation, the marketshown in cell 275 as well as the market shown in each of the three rowsbelow cell 275 would be hit and a total size of 285 would be sold by theuser at the 126.25 price. As another example, if the user desired totake the entire market that is available at a price of 127.50 asdisplayed in FIG. 2A, the user could click on unpopulated cell 214 inthe price column corresponding to the ask price displayed in column 240.In this situation, the market shown in cell 260 as well as the marketshown in the row above cell 260 would be taken and a total size of 105would be bought by the user at the 127.50 price. The user may set anorder type to be used as the default order type whenever any of theunpopulated cells are clicked.

FIGS. 3A, 3B and 3C show alternative embodiments of an interactivedisplay that may be used in some embodiments of the invention. FIG. 3Ashows interactive display 300 of a market at a particular time. Display300 preferably includes bid size column 310, ask size column 320, bidprice column 330 and ask price column 340. Bid size column 310preferably displays the size of bids available at the correspondingprice shown in bid price column 330, while ask size column 320preferably displays the size of asks available at the correspondingprice shown in the ask price column 340.

An indication of the inside market may be shown by highlighted cells355, 360, 375 and 380, or using any other suitable visual indicator ormethod. The inside market may include bid size 3, available at best bidprice 99.04+, and ask size 3, available at best ask price 99.05.

Interactive trading using the displays in FIGS. 3A, 3B and 3C may beimplemented as described in connection with FIGS. 2A and 2B. Inaddition, the interactive displays in FIGS. 3A, 3B and 3C preferablyinclude fields and keys that facilitate order entry and cancellation.For example, size keys 305 may be used to facilitate order entry bymaking preprogrammed size amounts available. Once a preprogrammed sizeis chosen, it may be set as the user's default size and may be displayedin fields 344 and/or 345. The user may alter the default size forbid/buy and ask/sell orders using up/down arrow keys 346 and 347,respectively.

Users may alternatively choose to enter their orders by typing commandsin field 306, modifying them using up/down arrow keys 308 or clearingthem using key 336. Cancel keys 304 may be used to facilitate cancelingactive orders. Order type may be chosen using limit order key 322,market order key 324 and stop order key 326. Additionally, a level ofprice improvement may be chosen using keys 328. Price improvement isdescribed in co-pending commonly assigned U.S. patent application Ser.No. 10/171,009, filed Jun. 11, 2002, U.S. patent application Ser. No.10/826,779 filed Apr. 16, 2004 and U.S. provisional patent applicationSer. No. 60/613,830 filed Sep. 28, 2004 which are hereby incorporated byreference.

Field 311 of FIG. 3 may display alphanumeric, or other, characters thatinclude information that identifies the type of instrument or item beingtraded, the user, and/or any other appropriate information such as thedate and time. Fields 312 and 314 may display the lowest and highestprices at which the item traded on the same day the bid/ask of columns330 and 340 are shown. Field 316 may display the price at which themarket for the same item closed the previous day. Field 348 may displaythe latest price at which the item traded, while field 342 may displaythe latest size traded. Field 349 may display the user's net volumeposition with respect to the item traded. Field 318 may display the netchange in price—i.e., the difference between the latest price at whichthe item traded displayed in field 348 and the price at which the marketfor the item closed the previous day displayed in field 316.

Interactive display 301 of FIG. 3B shows the market of FIG. 3A at alater time when a bid for a particular price is matched. For example, auser may have decided to enter an order to sell a size of 5 at the bestbid price 99.04+ shown in cell 380. In this situation, the size of 3previously shown in cell 375 is sold, and cell 385 in column 320 ispopulated with the additional size of 2 asked at the same price of99.04+. Cell 390 is temporarily populated with the size that isbought—i.e., 3—while an indicator displaying the word HIT is displayedin that cell as well. The indicator displaying the word HIT may be ablinking indicator, an indicator of varying degrees of intensity or anyother appropriate visual indicator. The price displayed in field 348 maychange to the latest price at which the user traded, which, in thiscase, is shown to have changed from 99.05 (see FIG. 3A) to 99.04+ (seeFIG. 3B). The size displayed in field 342 may change to the latest sizetraded by the user, which, in this case, is shown to have changed from10 (see FIG. 3A) to 3 (see FIG. 3B). The net change in price displayedin field 318 may change from −1.08+ (the difference between 99.05 and100.13+ as shown in FIG. 3A) to −1.09 (the difference between 99.04+ and100.13+ as shown in FIG. 3B). The size displayed in field 349 may changeto display the user's new net volume position with respect to the itemtraded, which, in this case, is shown to have increased by the size thatwas hit from a short position of 29 (see FIG. 3A) to 32 (see FIG. 3B).

Interactive display 302 of FIG. 3C shows the market of FIGS. 3A and 3Bat yet a later time, particularly illustrating the net effect on changesin the display of the inside market in response to the exemplary changein market conditions enumerated above. Interactive display 302 showscell 390 populated with a new best ask price 99.04+, and cells 375 and380 depopulated. It should be noted that the price previously displayedas the best bid—i.e., 99.04+—has changed positions from cell 380 to cell390 in response to changing market conditions. Thus, both bid pricecolumn 330 and ask price column 340 have changed whereby the sizes ofthe inside market and their positions in the display, as well as therepresentative prices associated therewith, have changed in response tochanging market conditions. An indication of the new inside market maybe shown by the newly highlighted cells. Both price columns 330 and 340are therefore dynamic in that both change based on changing marketconditions as the inside market changes.

The system may be adapted to display the inside market such that itsposition is substantially centered about area 398 in the interactivedisplay when the interactive display is launched. See, e.g., FIG. 3A. Asmarket conditions change, the position of the inside market may move upor down. See, e.g., FIG. 3C. The system may be adapted to automaticallyrecenter the position of the inside market as market conditions change.For example, the system may be adapted to recenter the vertical positionof the inside market after a particular number of movements of theinside market away from area 398. The system may also or alternativelybe adapted to recenter the position of the inside market when eitherbest bid or best ask prices will no longer remain in the visible portionof the display. The system may also or alternatively be adapted toperiodically recenter the position of the inside market after aparticular number of trades are completed. Alternatively, the user maytake a particular action, such as clicking on area 398, in order torecenter the position of the inside market. The position of the insidemarket may be recentered at any time or for any other appropriatereason.

A user may alternatively trade by clicking on the cell displaying thedesired price at which he or she is willing to trade. In someembodiments of the invention, a single click may actuate a trade at thedisplayed price and size. In other embodiments of the invention, adouble click may actuate a trade. In the latter embodiments, a singleclick may cause an overlay window, a popup menu, a toolbar or a similaror different display or interface to be displayed. In these situations,following the first click, the mouse pointer may warp to a buttondisplaying the default selection in order to confirm the trade.

In some embodiments of the invention, the mouse pointer may warp to abutton displaying the word “yes” or the like in order to confirm thetrade following a first click.

In other embodiments of the invention, a first or subsequent step in theorder entry process, such as a first click by the user, may causeanother display showing the price and size selected (or the defaultsize) as shown in interactive display 700 of FIG. 7A. For example,clicking on cell 712 or anywhere along the same row in columns 710 and730 may cause display window 760 to be displayed and the mouse pointerto warp to button 766. Display window 760 may display the pricereflected in cell 712—e.g., 100.23+—along with the size entered by theuser—e.g., 19—or a default size associated with the user's bidpreferences. The user may use display window 760 to adjust the selectedprice and/or size by using up/down arrow keys 762 or buttons 764 beforeconfirming the bid by clicking on button 766, which may display theselected price and size and any adjustments thereto. A double click mayessentially function as a bid at the price displayed in cell 712 for theuser's default size by causing display window 760 to be displayedthrough the first click, and causing the order to be entered through thesecond click.

A user may cause as many display windows to be displayed as he or shedesires before confirming a particular order. For example, while displaywindow 760 is displayed, the user may click on cell 714 or anywherealong the same row in columns 740 and 720 in order to cause displaywindow 770 to be displayed and the mouse pointer to warp to button 776.Display window 770 may display the price reflected in cell 714—e.g.,100.27+—along with the size entered by the user—e.g., 28—or a defaultsize associated with the user's ask preferences. The user may usedisplay window 770 to adjust the selected price and/or size by usingup/down arrow keys 772 or buttons 774 before confirming the ask byclicking on button 776, which may display the selected price and sizeand any adjustments thereto. The user may revert back to a previouslyopened display window in order to enter the previously prepared order ormay simply cancel the order closing the display window—e.g., by clickingon field 769/779, by clicking on button 768/778 or by any other suitablemethod.

FIG. 7B shows an alternative display window that may be displayed inresponse to a first or subsequent step in the order entry process, suchas a first click by the user. Display window 780 may display theselected price along with various size options that may be selected bythe user. The user may use display window 780 to adjust the selectedprice by using up/down arrow keys 782 before confirming the order byclicking on one of size buttons 784. Display window 780 may includeClose-on-Action (COA) field 788 which, if selected, may cause thedisplay to be closed once a size button 784 is clicked. Otherwise, ifCOA field 788 is not selected, display window 780 may remain open—i.e.,displayed to the user—after a size button 784 is clicked to enter theorder. The user may cancel the order by closing the display window—e.g.,by clicking on field 789—or by any other suitable method.

In yet other embodiments of the invention, a first click may causeanother display window to be displayed. The display window may or maynot be relatively transparent and may contain a set of alternative sizesfrom which the user may choose before confirming the order through asecond click. Examples of such embodiments are shown in FIGS. 8A, 8B,8C, 9, 10A and 10B. In alternative embodiments of the invention, theuser may cause a dialog box, a popup menu, a toolbar or a pane to bedisplayed along with the selected price or may populate a command linewith the selected price. For example, in some embodiments of theinvention, the user may cause to be displayed a pane containing a set ofalternative sizes that the user may drag and drop into the cellindicating the desired bid or ask price in the interactive display.

FIGS. 8A and 8B show interactive displays that may be used in someembodiments of the invention. Interactive displays 800 of FIG. 8A, aswell as interactive display 801 of FIG. 8B, may preferably include bidsize column 810, ask size column 820, bid price column 830 and ask pricecolumn 840. Interactive display 801 of FIG. 8B may additionally includebid volume column 806 and ask volume column 808 to indicate the totalsizes of items traded by the user since the launching of the tradingapplication. Alternatively, the total sizes of items traded may becustomized to include the total sizes of items traded in the market,using the trading system, by all users pertaining to a defined group ofusers, by a particular firm, by anyone using the trading application,etc.

Interactive displays 800 and 801 of FIGS. 8A and 8B may also includesize keys 850 and 851, respectively, to facilitate order entry by makingpreprogrammed/adjustable size amounts available. Interactive displays800 and 801 may include fields 870 and 871 which may display the latestprice and size at which the item traded, while fields 890 and 891 maydisplay the total size traded by the user since the launching of thetrading application. Alternatively, the total size traded may becustomized to include the total size of items traded in the market,using the trading system, by all users pertaining to a defined group ofusers, by a particular firm, by anyone using the trading application,etc. Interactive displays 800 and 801 may also include other usefulfields and keys, such as delete keys 860 and 861 which facilitatecanceling active orders. For example, FIG. 8A may also include field 895which may display the user's net volume position with respect to theitem traded.

FIG. 8B also shows interactive display 801 displaying display window 880upon selection of price 3730.0 from ask price column 840. Display window880 may display the selected price and may display different sizeoptions, including an option not to trade any size at all, that the usermay toggle between by moving the mouse pointer. FIG. 8C shows anotherembodiment of a display window 881 that may be displayed upon selectionof, for example, price 4442.0 from ask price column 840 of FIG. 8A.

FIG. 9 shows interactive display 900 displaying display window 910 uponselection of price 101.18—displayed as 0.18 without the pricehandle—from ask price column 940. Once the price is selected through afirst click, the mouse pointer may warp to display window 910. Morespecifically, the mouse pointer may warp to a particular button, such asa default size button from listed size buttons 913, in display window910—e.g., the button displaying a size of 100. Display window 910 mayalso display the selected price with or without displaying the pricehandle. Once the desired size button is clicked, the order may beentered. Alternatively, the user may cause a display window to bedisplayed, as shown in FIGS. 7A and 7B, by clicking on load button 915.

FIGS. 10A and 10B show alternative display windows 1060 and 1070,respectively, that may be displayed to the user. The interactive displaymay display display window 1060 of FIG. 10A upon selection of price101.16 from bid price column 930 of FIG. 9. Once the price is selectedthrough a first click, the mouse pointer may warp to a default sizebutton from listed size buttons 1063 in display window 1060. Once thedesired size button is clicked, the order may be entered. The user maycancel his or her order by clicking on none button 1062. Alternatively,the user may click on netout button 1065 in order to trade a sizecorresponding to the size needed to balance the user's net volumeposition with respect to the item being traded. For example, if the useris long 29, clicking on netout button 1065 would cause him to sell asize of 29. If the user does not have a long position, then displaywindow 1060 may not display netout button 1065 to the user.

Similarly, the interactive display may display display window 1070 ofFIG. 10B upon selection of price 101.18 from ask price column 940 ofFIG. 9. Once the price is selected through a first click, the mousepointer may warp to a default size button from listed size buttons 1073in display window 1070. Once the desired size button is clicked, theorder may be entered. The user may cancel his or her order by clickingon none button 1072. Alternatively, the user may click on netout button1075 in order to trade a size corresponding to the size needed tobalance the user's net volume position with respect to the item beingtraded. For example, if the user is short 12, clicking on netout button1075 would cause him to buy a size of 12. If the user does not have ashort position, then display window 1070 may not display netout button1075 to the user.

In alternative embodiments of the invention, the interactive display maygive the user the opportunity to trade the size needed to balance theuser's net volume position regardless of whether the user is long orshort with respect to the item being traded. For example, such a featuremay be implemented through a netout button, similar to the oneillustrated in each of FIGS. 10A and 10B, as part of the display windowthat is displayed to the user after a particular price is selected orappropriate action is taken, or through any other appropriate method.

As before, a double click may function as an order entry at the pricedisplayed in any of display windows 910, 1060 and 1070 for the user'sdefault size by causing the display window to be displayed through thefirst click, and causing the order to be entered through the secondclick. For example, display window 1070 may be displayed upon selectionof price 101.18 from ask price column 940. Once the price is selectedthrough a first click, the mouse pointer may warp to a button listingthe user's preset default size, the size previously entered by the userusing size keys 990 of FIG. 9 or the size displayed in the correspondingsize column in display window 1070 of FIG. 10B. The second click maythen enter the order for that size at that price.

It should be noted that a single click may serve as an alternative to adouble click whenever possible and appropriate, whereby a downclick mayperform the same function as a first click, and a release or an upclickmay perform the same function as a second click. For example, adownclick on the appropriate cell within ask price column 940 in FIG. 9may cause display window 910 to be displayed and cause the mouse pointerto warp to a default size button. The user may select an alternativesize or cause a display window to be displayed by moving the mousepointer, or scrolling up or down the display window using the mousewheel, and enter the order by releasing the mouse button. The user maychoose to cancel by moving the mouse pointer away from display window910 and releasing the mouse button.

FIGS. 11A, 11B and 11C illustrate an example of an order entry processaccording to some embodiments of the invention. The best bid price maybe 99.24+ because it is the highest price at which some size is bid.Similarly, the best ask price may be 99.256. Prices that are within theinside market may be displayed even though no size is bid nor asked atsuch levels. As shown in FIG. 11A, the user may use a pointing device tomove pointer 1111 to the location of cell 1180 in bid price column 1130displaying price 99.252, and downclick on cell 1180 using a left clickbutton. In response to this action, display window 1160 showing theselected price is displayed and pointer 1111 warps to button 1161, asshown in FIG. 11B, which displays the default bid size chosen by theuser and shown in field 1150. If the user decides not to alter the size,he or she may release the pointing device's left click button, therebyentering an order to bid a size of 1 at the price of 99.252. As shown inFIG. 11C, cell 1175 in bid size column 1110 is then populated to reflectthe size of the entered bid, while cells 1190 and 1195 in ask sizecolumn 1140 are depopulated because they no longer reflect price levelsthat are within the inside market and lower than the new best bid99.252.

In yet other embodiments of the invention, clicking anywhere outside theinteractive display or within the interactive display may cause atrading interface, such as a dialog box, to be displayed. The tradinginterface may contain default price and size values and, depending onwhere the click occurred, may warp to one of multiple buttons forentering a bid, ask, buy or sell order. The user may customize whichbutton to warp to. The user may use the trading interface to completelyalter his or her order.

Once the user enters an order at a particular price for a particularsize, the size entered by the user may be displayed in a dedicatedcolumn within the interactive display, such as the left-most columnsshown in, for example, FIGS. 3A-3C and 7A. Alternatively, the sizeentered by the user may be displayed in the unused space within existingcolumns of the interactive display, as shown in, for example, FIGS.12A-12D.

FIG. 12A shows interactive display 1200 whereby the user's share ofsize—i.e., the size entered by the user—at a given price is displayed ina cell within bid or ask price columns 1230 and 1240 that is in the samerow as, and is adjacent to, the corresponding price. Accordingly, whilecolumns 1210 and 1220 may display the total size of bids and asksavailable at each price level, cells that do not display prices incolumns 1240 and 1230 may display the user's share of that size,respectively.

FIG. 12B, on the other hand, shows interactive display 1201 whereby theuser's share of size at a given price is displayed in the same cell asthe corresponding price within bid or ask price columns 1230 and 1240.Each price cell for which a corresponding user size exists may be splitinto two cells: one for displaying the price and one for displaying theuser's share of size as shown in some of the cells in bid price column1230. Alternatively, both the price and the user's share of the size maybe displayed in the price cell, as shown in some of the cells in askprice column 1240. Accordingly, while columns 1210 and 1220 may displaythe total size of bids and asks available at each price level, cellsthat display the corresponding prices in columns 1230 and 1240 maydisplay the user's share of that size, respectively. For example, cell1280 indicates that the user entered a bid for 6 out of the 103 shown incell 1202 at a price of 101.17.

FIG. 12C shows an alternative illustration of cell 1280 in which theprice handle is displayed along with the user's share of size. In thisexample, cell 1282 indicates that the user entered a bid for 6 at aprice of 101.17. The physical area of a display screen for a user suchas a financial customer is highly valued because large amounts ofcritical information should be communicated to the customer, and, attimes, moved or changed when displayed to the customer. Accordingly,displaying several data elements in a single cell may result in theefficient delivery of information to the user through efficient use ofdisplay space.

Accordingly, in alternative embodiments of the invention, FIG. 12Dillustrates yet another method of displaying the user's share ofsize—e.g., 6—as well as the total size—e.g., 103—in the same cell 1284.In this example, cell 1284 indicates that the user entered a bid for 6out of the 103 at a price of 101.17. This embodiment therefore does awaywith the need for separate bid and ask size columns, thereby reducingthe total number of axes needed to convey the same information to users.In some embodiments of the invention, an additional column, such asvolume column 1250 of FIGS. 12A and 12B, may be provided to indicate thetotal size of items traded at each price level by the user since thelaunching of the trading application. Alternatively, the total size ofitems traded may be customized to include the total size of items tradedin the market, using the trading system, by all users pertaining to adefined group of users, by a particular firm, by anyone using thetrading application, etc. See also, e.g., the right-most column in eachof FIGS. 4, 5A, 5B, 6A-6D, 7A. Such a column may be displayed in orderto take advantage of some of the physical space saved by the eliminationof the size columns and to provide users with additional information.Alternatively, two such columns may be displayed to distinguish betweenthe total size of items bought and sold.

In yet other alternative embodiments of the invention, the size of anin-transit order or the total size of a completed trade may be displayedalongside the bid or ask size in the same cell as the corresponding bidor ask price, as shown in FIG. 12D.

FIG. 13 shows an alternative interactive display 1300 that also does notinclude an additional axis to convey the same information to users andthat may instead display a volume column. More specifically, interactivedisplay 1300 preferably includes bid price column 1330 and ask pricecolumn 1340 in addition to volume column 1350 to indicate the total sizeof items traded by the user at each price level since the launching ofthe trading application, or, alternatively, to indicate the user's shareof size. The total size of items traded may be customized to include thetotal sizes of items traded in the market, using the trading system, byall users pertaining to a defined group of users, by a particular firm,by anyone using the trading application, etc. Interactive display 1300preferably combines the size columns that can be seen in other figuresinto a single size column 1315. Size column 1315 may display the bidsize in cells that are in the same row as the populated cells in bidprice column 1330. Similarly, column 1315 may display the ask size incells that are in the same row as the populated cells in ask pricecolumn 1340.

The options selected by the user when customizing different aspects ofthe user interface, as referred to in the foregoing, may be stored inone or more configuration files on a user's workstation (e.g.,workstation 110 of FIG. 1) or on a central server (e.g., server 120 ofFIG. 1). The trading application may prompt the user as to whethercertain options are to be saved in the configuration file(s). Thetrading application may automatically save such options in multiplefiles so that previously customized interfaces may be subsequently usedby the same or a different user. Such files may be discarded by the useror by the trading application if unused after a number of days. Suchfiles may alternatively be shared with other users or stored asfirm-wide configuration files that may be distributed by a trading firmto its users. At any point in time after launching the tradingapplication, a user may select or download one such configuration file,thereby customizing his or her trading interface. Alternatively, thetrading application may load a configuration file containing defaultoptions that may be set by, for example, the trading firm.

The trading methods described above, or variation thereof, may beimplemented in conjunction with the interactive displays discussed orshown herein, or in conjunction with variations on those displays. Forexample, the user may enter bid and ask orders by clicking on the cellsdisplaying the desired prices from columns 1330 and 1340, respectively.The user may invoke a display window, a dialog box, a popup menu, atoolbar, a pane or a command line or any other suitable tradinginterface when clicking on a cell in column 1315. The user may use suchan interface to enter his or her buy or sell order.

In some embodiments of the invention, an interactive electronic tradingsystem for trading an item between users may include one or moreprogrammed computers that may enable a first user to enter a bid, ask,buy or sell order for the item at a select price. In some embodiments,the system may receive a bid, ask, buy or sell order entered by a seconduser to trade the item at the select price. In some embodiments, thesystem may execute a trade in accordance with the bid, ask, buy or sellorder. The system may enable one or more users to trade additional sizeat the select price. In some embodiments, the system preferably willqueue a user that enters a bid, ask, buy or sell order to trade at aprice other than the select price. In some embodiments of the invention,the system may guarantee the completion of at least a portion of thequeued bid, ask, buy or sell order at a price no worse than the price ofthe queued bid, ask, buy or sell order. In some embodiments, the systempreferably will hold an order that is contra to the queued bid, ask, buyor sell order at a price no worse than the price of the queued bid, ask,buy or sell order for a period of time. In some embodiments, the systemmay, during the period of time, determine availability of a contra orderin the system at a price better than the price of the held contra order.The system may on occurrence of the determination of the availablecontra order at the better price, match the queued bid, ask, buy or sellorder with the available better price. On occurrence of thedetermination of no available contra order at the better price, thesystem may match the queued bid, ask, buy or sell order with the heldcontra order.

The system may guarantee the completion by displaying a message to thequeued user, the message may include the price of the held contra order,a confirmation of the completion of at least a portion of the queuedbid, ask, buy or sell order, and/or the size of the guaranteedcompletion.

One of ordinary skill in the art should appreciate that the inventionmay be practiced in embodiments other than those described herein. Forexample, it will be understood that the size, shape, arrangement, color,and label of various portions of the interactive displays discussed orshown are examples shown for purposes of illustration only. It will beunderstood that modifications of any or all of the foregoingcharacteristics of these portions are within the scope of the invention.Embodiments discussed or shown herein may be applied to tradinginterfaces that use single static price axis, dual dynamic price axis,or any other suitable display.

As another example, it will be understood that the trading applicationdiscussed herein may be any suitable, software, hardware, or bothconfigured to implement the features of the invention. The tradingapplication may be located at a central location (e.g., a central serversuch as server 120 of FIG. 1) and instances thereof may be stored onworkstations connected thereto (e.g., workstations 101 of FIG. 1). Inanother suitable approach, the trading application may reside amongdifferent locations (e.g., a network such as computer network 103 ofFIG. 1).

Moreover, the interactive displays described and shown may be used inany kind of trading application, system or exchange such as auctiontrading systems, interactive matching systems, automated matchingsystems, price improvement systems, FIFO (First In, First Out) systems,RFQ (Request for Quote) systems, etc., and may be applied to the tradingof any types of items. This includes cases where users are or are notgranted exclusive rights to trade, cases where users are or are notprovided with a share of a trade based on their status or market role,the stage during which they start or join a trade and/or their degree orextent of participation, cases where users are or are not provided withshares of a trade on a pro-rata basis based on existing agreements ordistribution algorithms, or any combination of the same.

It will be understood that the foregoing is only illustrative of theprinciples of the invention, and that various modifications can be madeby those skilled in the art without departing from the scope and spiritof the invention, and the invention is limited only by the claims thatfollow.

1. (canceled)
 2. An apparatus comprising: a network interface; a displaydevice; an input device; at least one processor to: render, on thedisplay device, a graphical user interface comprising a matrix, each rowof the matrix having a plurality of bid fields and a plurality of askfields associated with a financial instrument; move a row containing ahighest bid price or lowest ask price for the financial instrument to aparticular area of the graphical user interface; render a highlightedbox around the particular area; detect, via the input device, aselection of an unpopulated bid field or ask field in a given row withinthe highlighted box around the particular area; and in response to theselection, transmit, via the network interface, an order for arespective financial instrument with data from a populated bid field orask field such that the transmitted order is on an opposite side of atrade associated with the selected, unpopulated bid field or ask field.3. The apparatus of claim 2, wherein the at least one processor isfurther configured to render visual indicators on the display device tohighlight differences between the plurality of bid fields and theplurality of ask fields.
 4. The apparatus of claim 2, wherein theplurality of bid fields include a bid price field and a bid size field.5. The apparatus of claim 2, wherein the plurality of ask fields includean ask price field and an ask size field.
 6. The apparatus of claim 2,wherein the at least one processor is configured to transmit, via thenetwork interface, the order for the respective financial instrumentwith a default size.
 7. The apparatus of claim 2, wherein the at leastone processor is further configured to transmit, via the networkinterface, the order for the respective financial instrument with a sizedifferent than a default size.
 8. The apparatus of claim 2, wherein theat least one processor is further configured to highlight the given rowto indicate that the given row is associated with an inside market. 9.The apparatus of claim 2, wherein the at least one processor is furtherconfigured to receive, via the network interface, updated data and toupdate the plurality of bid fields and the plurality of ask fields withthe updated data.
 10. A method comprising: rendering, by at least oneprocessor, a graphical user interface comprising a matrix on a displaydevice, each row of the matrix having a plurality of bid fields and aplurality of ask fields associated with a financial instrument; moving,by the at least one processor, a row containing a highest bid price orlowest ask price for the financial instrument to a particular area ofthe graphical user interface; rendering, by the at least one processor,a highlighted box around the particular area; detecting, by the at leastone processor, a selection via an input device of an unpopulated bidfield or ask field in a given row within the highlighted box around theparticular area; and in response to the selection, transmitting, by theat least one processor, an order via a network interface for arespective financial instrument, the order comprising data from apopulated bid field or ask field such that the transmitted order is onan opposite side of a trade associated with the selected, unpopulatedbid field or ask field.
 11. The method of claim 10, further comprisingrendering, by the at least one processor, visual indicators on thedisplay device to highlight differences between the plurality of bidfields and the plurality of ask fields.
 12. The method of claim 10,wherein the plurality of bid fields include a bid price field and a bidsize field.
 13. The method of claim 10, wherein the plurality of askfields include an ask price field and an ask size field.
 14. The methodof claim 10, wherein transmitting the order further comprisestransmitting, by the at least one processor, the order for therespective financial instrument with a default size.
 15. The method ofclaim 10, wherein transmitting the order further comprises transmitting,by the at least one processor, the order for the respective financialinstrument with a size different than a default size.
 16. The method ofclaim 10, further comprising highlighting, by the at least oneprocessor, the given row to indicate that the given row is associatedwith an inside market.
 17. The method of claim 10, further comprisingreceiving, by the at least one processor, updated data via the networkinterface; and updating, by the at least one processor, the plurality ofbid fields and the plurality of ask fields with the updated data.